Ping An Capital raises CNY5.5bn

The Shanghai-based firm closes its second fund.

Ping An Capital held a final close on Ping An Consumer Goods & Technology Fund 2 at CNY5.5 billion ($784.8 million; €705 million). The fund surpasses capital raised by its predecessor Fund 1, which closed in 2016 at CNY5 billion ($713.4 million; €640.9 million).

Fund 2 received commitments from funds of funds, insurance companies and institutional investors including China International Capital Corporation and Industrial and Commercial Bank of China. Capital raised by the vehicle will be invested in TMT and consumer goods-focused growth-stage companies in China.